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Audit and review of the financial statements

Our audit procedures are in line with Polish and international auditing standards. At the initial stage of the audit, we focus primarily on understanding the business and the specific characteristics of the industry of our clients in order to properly identify risks and plan audit procedures. An important area verified by our specialists is the internal control system functioning in the auditing entity. This study allows to identify weaknesses of the system so that internal procedures and processes can be improved.

We conduct the survey using both random and full methods. Its selection results from the need to obtain reasonable assurance that no significant issue that may have an impact on the shape of the audited financial statement, have been omitted.

At the same time, we undertake that we treat all materials and information obtained during the study with the utmost confidentiality and to keep them completely secret from third parties.

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Internal control and audit

An essential element enabling proper functioning of each entity is the implemented system of internal control. A proper internal control system allows not only to quickly detect irregularities and frauds in the company, but most of all it allows to limit the risks related to irregularities.

We provide services in the field of:

  • the implementation of the internal audit service in accordance with the provisions of the Public Finance Act;
  • advice on creating an appropriate internal control system - including identification of appropriate procedures and mechanisms that should operate within the entity;
  • verification of the existing internal control procedures and identification of any irregularities in the internal control procedures already in force in the entity.

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Bookkeeping, including HR and payroll services

The KPW Group provides accounting services in accordance with the highest standards, ensuring quick access to information for clients. We offer a number of accounting services aimed at optimizing economic performance. We make sure that our accounting services are tailored to the individual priorities of the client. We apply the accounting principles defined by the act, presenting the financial situation and result in a true a reliable and clear manner.

Bookkeeping, as well as preparation of monthly reports, is handled by qualified accountants employed in our group, who are constantly trained in the field of balance sheet and tax regulations and whose work is supervised by experienced statutory auditors.

We specialize in accounting services for large and medium-sized companies that require an extensive accounting system. We have experience in accounting for businesses with multiple employees that generate a large number of documents. We offer a flexible price list of services which guarantees favorable conditions and affordable prices for both medium-sized and large companies.

The scope of the bookkeeping service mainly includes: 

  • • development of an accounting policy together with a company chart of accounts, with particular emphasis on management and cost accounting;
  • • HR and payroll services;
  • • providing accounting advice;
  • • representation of a client before the Tax Office;
  • • assignment of accounting documents; 
  • • the presentation of the entity's financial position and performance; 
  • • monitoring of the correctness of the received and issued documents; 
  • • preparing printouts of accounting records, in accordance with the requirements of the Accounting Act;
  • • keeping VAT records;
  • • preparation of statements, reports and printouts of accounting records; 
  • • preparing analyses for management purposes;
  • • determining the amount of advance payments for CIT and PIT income tax;
  • • preparation of annual PIT and CIT returns on the basis of data arising from accounting books;
  • • CSO (Central Statistical Office) reports in the financial and accounting area;
  • • records of fixed assets and depreciation plan;
  • • preparation of annual financial statements, including: introduction to the financial statements, balance sheet, profit and loss account, statement of changes in equity, cash flow statement and additional information.

HR and payroll services consist in excluding the payroll department from the structure of the Client's company. This service is dedicated to all entities, regardless of size of employment. Exclusion of the process of payroll preparation and calculation of liabilities related to social insurance outside the company structure allows for absolute confidentiality of payroll information. It also allows to increase the effectiveness of operations and to focus the Management on the most important strategic issues.

The offer of HR and payroll services includes, among others:

  • • preparation of payroll list;
  • • preparation of civil law contracts (mandate contract, contract for specific work);
  • • preparation of summary payroll accounting orders;
  • • drawing up employment contracts;
  • • preparation of employment certificates;
  • • preparation of benefits cards;
  • • drawing up allowance cards;
  • • preparation of personal income tax due to employment of employees;
  • • preparation of social security settlements(ZUS);
  • • preparation of the application documents of the Social Security Office (ZUS)
  • • preparing the monthly report of the Social Insurance institution (ZUS RMUA)
  • • teletransmission of application documents, reports and settlement documents of the Social Insurance Institution;
  • • submission of tax declarations and information to the territorially relevant tax offices.
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Audit of projects

We have many years of experience in the field of audits of funds received from operational programs and framework programs. Depending on the scope of the audit, the verification of the expenses incurred may, in particular, include verification of:
  • whether the costs declared by the beneficiary in the financial statement are based on real, correctly recorded and eligible costs;
  • whether the reports result from correctly kept records of expenses incurred in connection with project implementation;
  • the correctness of incurring expenses for services rendered, costs of salaries, purchases of goods and other expenses,
  • operation of internal control systems within the scope of the implemented project.
The tests of expenditure incurred as part of the audit of EU projects are carried out in accordance with:
  • guidelines of Managing Authorities and guidelines of the European Commission issued for specific Programs;
  • National Standards on Auditing;
  • International Standards on Auditing.
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Restatement of financial statements (IAS/IFRS)

The preparation of the company's financial statements in accordance with International Financial Reporting Standards differs significantly from the statements prepared on the basis of the Polish provisions of the Accounting Act. The KPW Group team has extensive experience in supporting individuals in the above mentioned process

When preparing the opening balance sheet - as the starting point for accounting in accordance with IFRSs, the entity:

  • recognizes all assets and liabilities required to be recognized under IFRSs;
  • does not recognize items as assets or liabilities if recognition is not permitted by IFRSs;
  • reclassifies items included in specific classes of assets, liabilities or equity in accordance with previous GAAP that are a different type of asset, liability or equity under IFRSs;
  • applies IFRS in the measurement of all recognized assets and liabilities.

Adaptation of the accounting principles according to the Accounting Act to the requirements of IFRS requires a number of changes in the methods of measuring individual assets and liabilities and the manner of presentation of financial data. The transition to IFRSs may require an entity to change its existing accounting policies for measurement and recognition. Their effects are recognized as adjustments of the previous years’ result or, if appropriate, in other items of equity.

A complete IFRS financial statements always consist of at least:

  • statement of financial position at the end of the period;
  • statement of comprehensive income for a given period;
  • statement of changes in equity for the period;
  • statement of cash flows for the period;
  • additional information on the adopted accounting principles (policy) and other explanatory information.
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Training

We provide expert trainings as part of our services.

If you are interested in more information, please contact the KPW Group headquarters.

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Preparation of separate and consolidated financial statements

We comprehensively carry out work related to the preparation of relevant reports required by law

The purpose of preparing the financial statements is a reliable and clear presentation of the assets and financial situation, in accordance with the accounting principles of the Act and those adopted by the entity.

Annual financial statements shall be drawn up not later than within 3 months from the balance sheet date. The head of the unit shall present them to the competent authorities in accordance with the applicable law, contract or statute. However, the report is subject to approval by the approving authority no later than 6 months after the balance sheet date. The financial statements should be signed by the person entrusted with keeping the books of account and the head of the entity.

The financial statements consist of:

  • balance sheet;
  • profit and loss account;
  • additional information, including an introduction to the financial statements and additional information and explanations.

In addition, the financial statements of the entities referred to in Art. 64 sec. 1 of the Accounting Act, subject to annual audit, includes:

  • statement of changes in equity (fund);
  • cash flow.
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Due diligence and business valuation

Due diligence means subjecting the entity to a multi-faceted analysis in terms of its financial, legal and tax condition. Due diligence is carried out in the event of a merger, takeover or spin-off or the sale of an organized part of an enterprise. The purpose of the procedure is to identify existing and potential risks associated with the planned capital transaction. The scope of due diligence depends on the specifics of the audited entity.

Due diligence services are performed by a specialized team consisting mainly of experienced statutory auditors who have the necessary knowledge – in the field of tax balance sheet law, commercial law and other areas, allowing for a detailed determination of the risks associated with the planned transaction.

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Other services resulting from the Commercial Companies Code (KSH

The Commercial Companies Code specifies situations in which a given activity may only be performed by a certified auditor. These activities include, among others:
  • examination of merger plans of companies (Articles 502-503, 516, 520 CCC);
  • examination of plans for division of companies (art. 536-537 CCC);
  • examination of the transformation plans in terms of correctness and reliability (Articles 555-556 CCC);
  • examination of the company's accounts and activities (Articles 223-226 CCC);
  • examination carried out when establishing of a joint-stock company and share capital increase (Articles 311-320, 449 CCC);
  • examination of valuation of shares subject to mandatory buyout (Art. 416-418 CCC);
  • examination the correctness of the calculation of the electricity consumption intensity factor;
  • checking the correctness of the calculation of the share of the cost of electricity consumed by energy-intensive businesses in the value of production sold.

These activities are performed by a professional team with necessary qualifications and experience.

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Cooperative inspector service

In our team we have people who are certified as cooperative's inspector. The KPW Group's auditors have the possibility to review the books and comprehensive documentation in the inspected cooperative as well as to check its assets directly.


We encourage you to use the services of the KPW Group in this area.